#China

after the People’s Bank of China issued an official statement about its stance on the digital coin, knocking the cryptocurrency’s value down into the $800s after lofty $1200 highs. China has been largely responsible for Bitcoin’s dramatic 500% rise in value over the last month, with yuan dominating the trading markets, according to the Genesis Block . China’s government evidently felt that the cryptocoin was getting too hot to ignore. In a statement Thursday, the People’s Bank of China and four other ministries and agencies announced that banks and payment companies were prohibited from dealing with the coin, but that the country’s citizens are still free to buy and sell it. So what does that mean for Bitcoin, and Bitcoin businesses, in China?